KUALA LUMPUR: The ringgit opened firmer at RM4.11 level against the US dollar this morning as markets priced in higher odds of United States (US) monetary easing next week.
At 8 am, the ringgit was trading at 4.1100/1200, up from Wednesday’s close of 4.1200/1235.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index fell 0.48 per cent to 98.880, reflecting growing expectations of a Federal Reserve (Fed) rate cut next week.
"The latest ADP Employment Change, which measures employment creation in the private sector, fell by 32,000 in November.
"The numbers suggest that the labour market is weak and warrants active intervention by the Fed via monetary stimulus," he told Bernama.
The ringgit hit a fresh 14-month high on Wednesday, closing at 4.1200 as continued anticipation of a Fed rate cut weighed on the dollar.
On a year-to-date basis, the ringgit has strengthened by 8.5 per cent.
"Today, the ringgit could stay in positive territory, trading between RM4.11 and RM4.13,” he added.
At the open, the ringgit was mixed against major currencies.
It eased against the Japanese yen to 2.6499/6565 from 2.6476/6501 and slipped against the British pound to 5.4852/4986 from 5.4697/4744, but rose against the euro to 4.7947/8064 from 4.7982/8080.
The local note traded higher against ASEAN currencies.
It strengthened against the Singapore dollar to 3.1767/1847 from 3.1810/1839, firmed against the Indonesian rupiah to 247.1/247.9 from 247.7/248.1, advanced against the Philippine peso to 6.97/7.00 from 6.99/7.00 and appreciated against the Thai baht to 12.8780/9190 from 12.9024/9186 previously. - Bernama
